The seventh annual general meeting of shareholders in the Tanah Merah Estates (1916), Ld., was held on Tuesday at the offices of the general managers, Messrs, A. R. Burkill & Sons, 2 Canton Read. Mr. ©. R. Burkill (Chairman) presided, supported by Mr. E. 'T, Byrne (director), Mr. E. A. Priace (secretary) and other shareholders, the total number of shares repre sented being 124,135.
The secretary having read the notice convening the meeting and the auditors' report the chairman When T addressed you at the last annual meeting, prospects for the year under review looked anything but encouraging, but with the introduction of restriction, prices began to improve which changed the outlook entirely, with the result that the Company is able to show a fairly satisfactory result on the year's working. The profit for the year amounted to Tls. 27,005.77 which, added to the amount of Ts. 9,745.11 brought forward from the previous year, makes a total of Tls. 36,750.88 standing at credit. profit of and loss account. This profit is hardly sufficient to justify the payment of & dividend and the Directors propose to write a sum of Tls. 4,900 off-machinery account and to carry forward the balance of -Tls 31,850.88 to next year's accounts.
Since the last rt, your Directors, taking age of the improved condition of the rubber market, decided to bring the subscribed capital of the company up to Ts. 700,000, by the issue of 25,000 shares. These shares werd not offered to shareholders, as at the time there was not sufficient inducement for them to subscribe (the shares then being below par), and arrangements were made to have the issue underwritten at par, The proceeds from the issue were sufficient to enable the Company to pay off its existing loan account of Ts. 13,639 and to provide, funds for current expenses. The company is now free from the debt and, with remittances that have recently been received from the Straits, we have been able to place a further amount of Tls. 7,000 out on, call loan, making Tls. 14,000 myall, at a satisfactory rate of interest. As regards "the we ing of the Estates, reports in cate that the properties are being efficiently and economically managed and there is nothing that calls Yor any particular. comment. 2 The output for the current year Inised on an export allowance of 60 per cent. of standard production for the month of April and 65 per cent. for the remaining 11 months of the financial year is 297,000 Ib. but as the allowance is regulated
Text read from the printed page and cleaned; old type leaves the occasional error.